GALA Token Faces Selling Pressure as It Plunges to All-Time Lows
GALA, the native token of Gala Games, has experienced a significant decline in value, dropping by 72% from its peak in early 2023. The token, which reached $0.062 in January 2023, has been steadily declining and is now trading at $0.017. This decline has erased over 95% of the gains made earlier in 2023 and is approaching all-time lows from 2022.
Key Points:
– GALA’s decline can be attributed to the overall bearish market conditions, which have affected major cryptocurrencies like Bitcoin and Ethereum.
– The recent drop in GALA’s price follows a rise on August 29, fueled by positive news regarding Grayscale and the potential approval of a Bitcoin ETF.
– Internal conflicts between GALA’s CEO, Eric Schiermeyer, and co-founder Wright Thurston may also be contributing to the token’s decline.
– Court documents reveal lawsuits filed by both parties, with Schiermeyer accusing Thurston of illegal activities and seeking to have him replaced as director.
– Thurston, on the other hand, accuses Schiermeyer of misusing company assets and engaging in fraudulent practices, and aims to remove him from his position as CEO.
Hot Take:
The GALA token is currently facing significant selling pressure due to market conditions and internal conflicts within the Gala Games team. These factors have contributed to the token’s decline and may continue to impact its value in the future. It remains to be seen how these issues will be resolved and whether GALA can regain its previous levels of success.
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